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Tan fills a vacuum left by the departure last year of Leow Chong-jin and Michael Chan, who moved to Bank of New York (now BNY Mellon). Chan had served as vice president and head of regional sales at State Street.
This position has been upgraded to senior VP, says Tse, reflecting the importance of both client service and business development, despite State StreetÆs existing roster.
Partly in response to the thin labour force in the region, the firm turned to the IT services industry to find Tan, who was regional managing director at Hewlett-Packard and vice president of its technology solutions group for Southeast Asia.
ôCustody is a platform-driven business that requires strong IT,ö Tse says. ôMany of our senior folks have come from IBM or other major IT firms over the past 20 years.ö He says the bank usually recruits from related industries.
TanÆs beat includes Japan, Australia and India. Her priority is to win business from new clients. She also has responsibility for client relationship management, which is not just an Asia role. The firm has a special unit dedicated to its top 100-biggest global clients, which includes services from State Street Global Markets and State Street Global Advisors, where regulations and internal firewalls permit. In cases where a client based elsewhere requires support for an activity in Asia, but is not an actual client in this region, Tan will work to get that business.
Having just arrived, she is now reviewing her teamÆs needs and will look to hire additional salespeople and client-relationship directors in key markets.
To support TanÆs work, the firm has made two additional appointments.
Lily Kwok was promoted to regional director of sales for investor services in Asia ex-Japan. She has been with the firm for 16 years, most recently as regional head of global marketing for Asia-Pacific, as well as business manager for investor services in Taiwan. Based in Hong Kong, she reports to Tan and to Peter Baker, senior VP and head of investment servicing for Asia ex-Japan.
Secondly, Linda Carmody has relocated to Hong Kong from London to lead the global-relationship management programme for Asia-Pacific. She has 10 years of experience in client relations, including at State Street Global Markets in Europe.
Tse says the next priority for State Street is to get a branch office in China up and running. This awaits regulatory approval, which he hopes to receive this year. It will allow State Street to directly market its global products to domestic investors. A number of internal candidates have been identified who could lead the new branch office but the decision has yet to be announced. State Street has had a rep office in China for three years.
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